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Forex: USD/CHF tests European session low, at 0.9286

FXstreet.com (Barcelona) - As the European morning comes to an end and the market prepares for the NY opening, investors found the USD/CHF to be too expensive above the 0.9300 ground (0.9314 high printed earlier) and is testing the current European shift low, at 0.9286. Ahead, NY empire state manufacturing index, TIC flows and NAHB housing market index will be priced in.

“The Empire manufacturing index provides the first glimpse of April manufacturing surveys. Markets are looking for a 2pt deterioration to 7.0, with TD slightly more pessimistic at 3.0”, wrote TD Securities analyst Annette Beacher.

“The USD/CHF has moved below its support at 0.9281 (28/02/2013 low), which confirms the continuing succession of lower highs and lower lows. The top of the previous declining channel has thus far held though”, wrote MIG Bank analyst Bijoy Kar and Luc Luyet, pointing to another support at 0.9232 (25/02/2013 low, while hourly resistances are at 0.9340 (11/04/2013 high) and 0.9375 (08/04/2013 high).

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